Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

369.124. Reimbursement of certain legal costs, when — liability insurance for certain personnel, who may issue, policy modifications, how — reciprocal organizations, when, annual report. — 1. Subject to the provisions of subsections 2 and 3 of this section, any person shall be in…

369.129. Association records, how kept. — 1. Each association shall keep complete records and books of account covering all business of the association. The director of the division of finance may adopt regulations concerning the making and retention of the books of account, minu…

369.134. Reserve account required. — Each association shall establish a general reserve account, for the purpose of absorbing losses, and such other reserves as the director of the division of finance may require. The association shall maintain the general reserve account at such…

369.139. Emergency rules and regulations, when. — The director of the division of finance may promulgate rules and regulations to provide for the continuity of the management and business of an association in the event of a national emergency declared by the President of the Unit…

369.144. Powers of an association. — Each association incorporated pursuant to or operating under the provisions of sections 369.010 to 369.369 has all the powers enumerated, authorized, and permitted by sections 369.010 to 369.369 and such other rights, privileges, and powers as…

369.145. Safe deposit boxes, same rights, powers and duties as bank and trust companies. — All associations regulated by this chapter, including federal associations, shall have the same rights, powers and duties, relating to safe deposit boxes, as provided to banks and trust com…

369.149. Mutual associations — liability and rights of members — rejection or limitation on memberships. — The members of a mutual association shall not be responsible for any losses which the association's assets shall not be sufficient to satisfy, and the accounts of members sh…

369.154. Accounts, who may own — contracts for — evidence of ownership — accounts of disabled person, how handled. — 1. An association may make any type of account contract not prohibited by sections 369.010 to 369.369 or by other applicable law or by regulations of the director …

369.159. Fee or service charge authorized. — An association may impose fees or service charges on accounts; however, such fees or service charges are subject to such conditions or requirements that may be fixed by regulations pursuant to section 369.301 by the director of the div…

369.161. Savings and loan association or savings bank may act as custodian, when. — In addition to any other banking authority, a savings and loan association or savings bank may act as a custodian for any entity, public or private, and place funds in any other financial institut…

369.162. Irrevocable life insurance trusts — savings and loan associations may transfer fiduciary duty, when. — In addition to any other banking authority, a savings and loan association or a savings bank with authorized trust authority and created under the laws of this state ma…

369.164. Attorney in fact, association may recognize, when. — An association may continue to recognize the written authority of an attorney in fact to make any addition to and withdrawal from the account of an owner until it receives written notice of the death or adjudication of…

369.169. Minors, association may treat as an adult, when. — An association may issue an account to a minor as the sole and absolute owner and receive payments, pay withdrawals, accept pledges and act in any other manner with respect to such account on the order of the minor with …

369.174. Joint tenants' accounts, how handled. — 1. When an account is opened or maintained in an association in the names of two or more persons, whether minor or adult, as joint tenants or in form to be paid to any of them or the survivor of them and whether or not the names ar…

369.176. State employee compensation deductions authorized for investment by office of administration. — Notwithstanding any other provision of law, the commissioner of administration may, in the same manner as provided in section 33.103, deduct from any state employee's compensa…

369.179. Accounts in trust, how handled. — 1. An account owner who holds a certificate for an account indicating that such holder is trustee for a beneficiary or beneficiaries shall have the right to vote as a member if such account is in a mutual association as if such membershi…

369.184. Fiduciary accounts, how handled. — 1. An association may accept accounts in the name of any personal representative, custodian, conservator or other fiduciary for a named beneficiary or beneficiaries, and any such fiduciary may open and make additions to, and may withdra…

369.186. Accounts payable to second named person upon death of first named person, how handled. — 1. An association may contract for an account in the following form: "John Doe, pay on death to Henry Roe." Such account shall, during the lifetime of the person first named in the a…

369.189. Deposits, form, terms and conditions, regulation of — director, imposition of restrictions and powers on associations, how. — 1. An association may accept deposits in any form not prohibited by sections 369.010 to 369.369. 2. Deposits authorized by this section shall be …

369.191. Association may own or control safety vault. — Every savings and loan association or savings association subject to the provisions of this chapter may for a fee or other consideration receive upon deposit for safekeeping personal property of every description, and own or…

369.192. Remedies in enforcement of liabilities and right of renters of safe deposit boxes. — Every association doing a safe deposit business shall be entitled to the following special remedies in enforcing the liabilities and rights of depositories or lessors and of renters or l…

369.194. Accounts declared legal investments for fiduciaries. — 1. Accounts in insured associations are legal and proper investments or depositaries for fiduciaries of every kind and nature, all political subdivisions or instrumentalities of this state, insurance companies, busin…

369.204. Earnings of accounts, how determined and distributed. — Earnings, methods of calculating earnings and rate of earnings, including contractually fixed rates, and the minimum amount upon which earnings shall be paid shall be determined by the board of directors, and earnin…

369.209. Withdrawal, how, when — failure to pay withdrawal applications, powers of director. — 1. Except for accounts which provide for a specified contractual time or notice or are subject to a pledge, and, subject to the right of the association to require advance notice of wit…

369.211. Joint renters of safe deposit box — survivor's rights. — Any association doing a safe deposit business may enter into a lease under which a safe deposit box is rented in the names of two or more persons, whether residents or nonresidents of this state, as joint renters. …

369.212. Death of all lessees of safe deposit box, duties of association. — 1. In the event the sole lessee or all lessees as joint renters named in the lease agreement covering a safe deposit box rental shall die, the association by contract may accept the following additional d…

369.214. Redemption of accounts, how and when, effect of. — 1. An association may redeem, by lot or otherwise as the board of directors may determine, subject to approval of the director of the division of finance, all or any part of its accounts on an earnings payment date by gi…

369.219. Approved investments. — An association may invest in the following securities: (1) Obligations of, or obligations fully guaranteed as to principal and interest by, the United States or the state of Missouri; (2) Stock or obligations of any Office of Thrift Supervision or…

369.224. Association to maintain liquid assets — minimum percentage, how set. — Every association is required to maintain liquid assets in an amount not less than a minimum percentage established by the director of the division of finance. ­­-------- (L. 1971 S.B. 3 § 44, A.L. 19…

369.229. Approved transactions and loans. — 1. Every association may: (1) Make loans secured by its accounts to the extent of the withdrawal value thereof and unsecured loans to any account owner but not exceeding such amount individually or in the aggregate as may be established…

369.234. Preference given association holding first lien. — An association may: (1) Make without limitation any advances necessary to protect the security of any loan or the priority of lien thereon which shall stand secured by such first lien irrespective of intervening liens; (…

369.239. Association may accept pledge of borrower's account or other additional collateral. — As additional collateral security for a loan, an association may accept the assignment or pledge of the account or accounts of the borrower or of any other account owner, or additional …

369.244. Association may purchase, convey or manage property in which it has a security interest — time limitation. — 1. An association may purchase at any sale, public or private, any real or personal property upon which it has a mortgage, judgment, deed of trust, pledge, lien o…

369.249. Director may regulate lending practices. — The director of the division of finance may from time to time establish such rules and regulations in respect to loans as may be reasonably necessary to assure that such loans are in keeping with sound lending practices and prom…

369.254. Association may invest in real property and mobile homes, when. — An association may: (1) Invest in such real property as the directors may deem necessary or convenient for the conduct of the business of the association; and (2) Invest in the acquisition of unimproved re…

369.259. Unapproved transfer of encumbered property, effect of. — In the event of a conveyance or transfer of any property upon which an association has a lien without the consent of the association, the association may proceed as provided in the note or security instrument. ­­--…

[Repealed or reserved.]

369.279. Examiners, appointment, duties — attorney authorized. — The director of the division of finance shall appoint such examiners and other employees as the director shall deem necessary to properly discharge the duties of the office. They shall devote all of their time to su…

369.294. Certain interest in an association by director and examiners prohibited — information to be confidential, exceptions. — 1. The director of the division of finance and examiners shall not be interested in an association directly or indirectly either as creditor (except th…

369.299. Powers and duties of director. — The director of the division of finance shall: (1) Exercise all rights, powers and duties set forth in sections 369.010 to 369.369 or as may be otherwise provided by law; (2) Establish, amend, supplement and revoke, subject to the approva…

369.301. Rulemaking, procedure. — Rules promulgated under the authority of this chapter shall be promulgated pursuant to the provisions of chapter 536. No rule or portion of a rule promulgated under the authority of this chapter shall become effective unless it has been promulgat…

369.314. Powers and duties of board. — The board shall: (1) Approve or disapprove each regulation proposed by the director of the division of finance pertaining to savings and loan associations; and (2) Hear and determine any appeal permitted by law, including but not limited to …

369.324. Examination costs, how paid — pro rata assessment, director to determine — division of savings and loan supervision fund, created, uses, transfers to general revenue fund, when. — 1. Each association shall pay for each annual or special examination such amount as the dir…

369.329. Branch offices and agencies, approval required, exceptions — application for approval, contents — approval, when — hearing, procedures. — No association may establish or maintain a branch office or agency without the prior written approval of the director of the division…

369.334. Reports may be required — examiners to have access to records. — 1. Each association shall make such reports, verified if required, in such form as the director of the division of finance may from time to time require. 2. Each association shall be examined periodically, …

369.338. Cease and desist orders, period of supervision, when, procedure, duties of association — costs, how fixed and paid. — If, in connection with any cease and desist order issued pursuant to this chapter, the director of the division of finance requests the consent of the bo…

369.339. Director to take over association, when — procedure. — 1. If the director of the division of finance finds, as a result of any examination or from any report made to the director or to any association, that the association is violating the provisions of its articles of i…

369.344. Powers of director during take-over of association. — 1. When the director of the division of finance takes possession of the property, business and assets of an association, the director may manage and conduct its business and affairs and collect all money due to such a…

369.349. Liquidation by director, procedure. — 1. When the director of the division of finance determines to liquidate an association, the director shall file a petition in the circuit court of the county in which the principal office of the association is located setting forth t…

369.354. Federal Deposit Insurance Corporation may act as receiver or liquidator without bond. — 1. The Federal Deposit Insurance Corporation or any successor thereto may act without bond as sole or joint receiver or liquidator of any insured association which has been taken over…